BAGUIO CITY – The economy of Baguio City grew marginally to 5.8 percent in 2024 and remains the fastest growing economy among all Cordillera provinces and highly urbanized cities, according to the Philippine Statistics Authority-Cordillera.
PSA-Cordillera Chief Statistical Specialist Aldrin Federico Bahit, Jr., said the city’s gross domestic product (GDP) last year was estimated at P178.85 billion compared to P169 billion GDP in 2023.
He said the fastest growth was observed in professional and business services with 12.3 percent, followed by other services and human health and social work activities with 11.3 percent and 10.5 percent growth, respectively.
Baguio City is the largest economy in the Cordillera provinces and a highly urbanized city in the region as of 2024, contributing 47.3 percent of the gross regional domestic product (GRDP), estimated at approximately P378.26 billion.
According to Bahit, Baguio’s per capita GDP is estimated at P485,433 in 2024, which is obtained by dividing the GDP of the province or city by its total population based on the 2024 Census of Population.
Other industries that contributed to the city’s recorded GDP growth were financial and insurance activities – 10.46 percent; education – 7.5 percent; accommodation and food service activities – 7.4 percent; electricity, steam, water and waste management – 6 percent; real estate and ownership of dwellings – 5.2 percent; wholesale and retail trade, repair of motor vehicles and motorcycles – 5 percent; construction – 3.8 percent; agriculture, forestry and fishing – 3.6 percent; public administration and defense and compulsory social security – 3 percent; information and communication – 2.9 percent; transportation and storage – 2.2 percent; mining and quarrying – 2 percent and manufacturing – 0.4 percent.
In April, PSA-CAR reported that the Cordillera region’s economy contracted by 4.8 percent last year compared to a 6.9 percent growth recorded the previous year.
Baguio’s GDP growth was part of the provincial product account that PSA-CAR distributed during a dissemination forum held recently for the purpose of providing local governments with the status of their economic growth year-on-year.
